Bangladesh RMG: Diversifies destination export markets
26 October 2023, Mumbai
Bangladesh's garment industry is diversifying its export markets to reduce its dependence on Europe and the United States.
Non-traditional markets, such as Asia, Latin America, and Africa, are growing in importance, accounting for 19.3% of garment exports in the first quarter of the current fiscal year, up from 17.4% a year ago. Exports to these markets grew by 25% year-on-year, compared to 11.4% growth in Europe and 3% growth in the United States.
State of affairs
This diversification is a positive development for Bangladesh's garment industry, making it more resilient to shocks and opening up new opportunities for exporters.
The government is supporting this diversification through export promotion campaigns, trade shows, and infrastructure and business environment improvements.